Unfriendly budget, say developers

PUNE: Finance minister may have responded to the auto sector issues but has let down the real estate sector, said players from the construction industry reacting to the budget on February 17.

Sachin Kulkarni, managing director, Vastushodh Projects, said the budget did not have anything to encourage people to buy homes.

“There aren’t any friendly offerings for the real estate segment,” he said.

Players rued how the “industry” status still evaded the sector, which is responsible for creating many jobs. Managing director of City Corporation Ltd Aniruddha Deshpande said he hoped the final budget for the year 2014 gives a push to real estate, which is so far a non-priority sector despite its potential to generate income and facilitate inclusive growth.

Anuj Puri, chairman and head, Jones Lang LaSalle India, said resolving issues of realty sector involves fiscal adjustments to key real estate-linked policies and may even require constitutional amendments. It was therefore self-evident that the current vote on account budget would not hold anything of real consequence in store for the real estate sector.

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MUMBAI: The civic administration’s best efforts notwithstanding, the construction industry may not get relief from delays and corruption, the two biggest banes of the BMC’s building proposals department, too soon.

PUNE: The in-principle approval of the Pune metro rail project heralds the possibility of an infusion of new life into the city’s challenged infrastructure. The metro has the potential to overcome the limitations of Pune’s road network.

MUMBAI/BANGALORE: Property consultancy firm Jones Lang LaSalle India's investment arm is looking to raise its second real estate fund with a total target size of around Rs 600 crore. The fund, to be raised in domestic market, will focus on investing in leased commercial assets across major office property markets in India, said two persons close to the development.

NASHIK: The civic administration has sent notices to 20,000 property tax defaulters in the city, giving them a five-day period to pay up. These property owners are from across the six divisions of the Nashik Municipal Corporation (NMC).

MUMBAI: By this time of the year, most salaried individuals would have received mails from the human resource team at their organisation, asking for tax saving declaration(s) for financial year (FY) 2013-14.

MUMBAI: It is true that buying a property in a project under construction offers greater advantages than purchasing a ready property. To begin with, the price of a property under construction is lower because there is no immediate possession. For a ready-property, the seller charges a premium for ready possession. In under-construction property, buyers get time to arrange for funds.

NAGPUR: A dispute over property documents turned ugly after real estate dealer Shivaji Sarange was kidnapped at gunpoint by four persons who also snatched Rs40,000 cash from him on February 14. Gittikhadan police have registered an offence against Gurmeetsingh Bhamra alias Lucky, Paramjeetsingh Bhatia alias Bittu and two others, including driver of a vehicle having registration number MH 01 4671.